NAGICO Group acquires GTM Insurance Company in Trinidad & Tobago
Port of Spain, Trinidad – Jan 20 2012 – On Friday January 20, 2012 the acquisition of GTM Insurance Company Ltd by the NAGICO Insurances Group was officially announced and celebrated during a grand champagne evening held at the Chamber of Commerce building at Westmoorings, Port of Spain in Trinidad.
Many prominent guests attended the event including business leaders, agents, brokers, executive management of NAGICO and management and staff of the local NAGICO/GTM company.
Chairman of the Supervisory Board of Directors, Mr. Michael Bishop, offered opening remarks in which he thanked the Central Bank of Trinidad & Tobago for their cooperation and guidance in obtaining the operating license for Trinidad & Tobago. He also confirmed “NAGICO’s long term commitment to Trinidad & Tobago, the clients, brokers and agents and emphasized the financial responsibility of NAGICO across 16 territories in the Dutch, English and French Caribbean, which includes compliance with all regulatory authorities in each territory”.
In his presentation CEO of the NAGICO Group, Mr. Imran McSood-Amjad, gave the audience a general overview of NAGICO and outlined his vision for the local company, temporarily branded as NAGICO/GTM before assuming a full NAGICO branded identity in the near future. “NAGICO’s financial stewardship is outstanding and we are proud to state that the general insurance group operations carry the prestigious AM Best B++ rating”. The CEO further stated that “the GTM acquisition is in line with NAGICO’s continued strategic expansion throughout the Caribbean as plans include expansion to 19 territories by the end of 2012”.
General Manager of the local company NAGICO/GTM, Mr. Christopher Henriques, addressed the audience in welcoming remarks in which he noted that “after the acquisition was completed in October 2011, the local company hired new staff and implemented a management trainee program to accommodate the growth of the company with the best people in the industry”.
NAGICO’s Director of Finance & Operations, Mr. Glenville Blake, gave a financial overview of NAGICO. “NAGICO writes premiums of almost TT$ 600 million (USD 95 million) and has total assets of approximately TT$ 730 million (USD 115 million)”. He further emphasized that “the solvency of NAGICO to be 300% over regulatory obligations”.
Mr. McSood-Amjad ended the official part with a Champagne toast after which a cocktail reception was held in a festive ambience.